Economist in Total Retreat: Is It Because of an Even More Embarassing
by Robert Wenzel: Robert
Reich's Developing Plan to Co-Opt the Tea Party
Economist Stephen Williamson after
taunting me has retreated to the safe haven of discussion amongst
his fellow Federal Reserve economists.
style, after his colleague at the Fed, David Andolfatto, called
Ron Paul a pinhead and said Ron Paul's argument was stupid,
after Williamson taunted me, after I replied to his email taunt
by sending him a copy of my
reply along with the sentence "Bring it on!" to which
he replied in an email to me: "Sure, you cheap thug",
he now writes:
I have just
had an experience where two groups of readers met each other,
neither appreciated what the other group was up to, and nothing
of value got accomplished. So I deleted that post, and wrote it
off to experience.
think a lot got accomplished. Two Federal Reserve economists were
exposed for their sloppy thinking. To this day, although they have
taunted me and called me a cheap thug, they have not responded to
my arguments against their analysis.
Vice President in the Research Division of the Federal Reserve Bank
of St. Louis, has still not responded to my argument against his
point that a 95% decline in the value of the dollar was not harmful.
the beginning and end of Andolfatto's Fed defense of destroying
95% of the value of the dollar. It all works out in the end, says
Andolfatto. But, please, Mr. Andolfatto explain to me how this
works out for someone who has been a careful saver of his money
and now sees the purchasing power of that money destroyed? Please
explain to me how this works out for a retired person on a fixed
income who sees the declining purchasing power of that income?
Please explain to me how this works out for the rest of the country
when Wall Street bankers are the first to get their hands on newly
printed Fed money, so that they can bid up all kinds of prices,
including rents on apartments, which makes it difficult for anyone
but a Wall Streeter to afford to live in Manhattan?
Mr. Andolfatto, you somehow don't see and even think Ron Paul
is stupid and a pinhead for raising questions about them.
Now, it's not
a case that Andolfatto hasn't seen my post or thought the post not
worthy of reply. He
wrote to me in an email:
some good questions in your post and I'll do my best to address
will hear from him down the road with a reply.
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Economic Policy Journal
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